YARIY Yara International ASA (PK)

By Dominic Chopping

Norwegian fertilizer producer Yara ASA said late Sunday that it has agreed to sell its Salitre phosphate mining project in Brazil to EuroChem Mineral & Chemical Co. for $410 million in cash.

The company said that progress at the project has been impacted by Covid 19 and the estimated capital expenditure required to reach completion is of a similar magnitude to the divestment value.

"Yara's ongoing transformation has a strategic focus on food solutions, premium products and enabling the hydrogen economy," it said.

"The Salitre divestment therefore supports Yara's transformation by reallocating capital and risk appetite in the coming years towards Yara's strategic focus areas."

Yara expects to recognize an impairment charge of around $400 million in the third quarter from the sale.

The deal is expected to be completed in approximately six months, and is conditional on obtaining necessary local regulatory approvals and customary closing conditions.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 02, 2021 02:39 ET (06:39 GMT)

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